Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2024, the company achieved a revenue of 15.839 billion yuan, representing a year-on-year increase of 40.6%. The net profit attributable to the parent company was 3.33 billion yuan, up 63.1% year-on-year, while the net profit excluding non-recurring items was 3.26 billion yuan, an increase of 74.5% year-on-year [2][5]. - The "Twin Stars" product strategy, featuring East Peng Special Drink and Water, has shown significant growth, with revenues of 13.304 billion yuan and 1.495 billion yuan respectively, marking increases of 28.5% and 280.4% year-on-year [11]. - The company is expanding its overseas business, particularly in Southeast Asia and the Middle East, which are seen as key growth areas for future development [11]. Financial Performance - The company reported a Q4 revenue of 3.28 billion yuan, a year-on-year increase of 25.1%, with a net profit of 620 million yuan, up 61.2% year-on-year [2][5]. - The gross margin for the company reached 44.8%, an increase of 1.8 percentage points year-on-year, driven by improved cost efficiency and product demand [11]. - The company expects EPS for 2025, 2026, and 2027 to be 8.71 yuan, 11.20 yuan, and 13.93 yuan respectively, with corresponding PE ratios of 26X, 20X, and 16X [11]. Market Position and Strategy - The company has established nearly 4 million distribution points and over 30,000 refrigerators, with more than 3,000 distributors, indicating a robust channel resource network [11]. - The company’s sales and management expense ratios have decreased, contributing to an improved net profit margin of 21%, up 2.9 percentage points year-on-year [11]. - The company is focusing on a multi-category strategy, enhancing its product portfolio beyond energy drinks, which has led to a more balanced revenue growth across different beverage categories [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In 2024, the company achieved a revenue of 15.839 billion yuan, representing a year-on-year increase of 40.6%. The net profit attributable to shareholders was 3.33 billion yuan, up 63.1% year-on-year, while the net profit excluding non-recurring items was 3.26 billion yuan, reflecting a 74.5% increase year-on-year. In Q4 alone, revenue reached 3.28 billion yuan, a 25.1% increase year-on-year, with net profit of 620 million yuan, up 61.2% year-on-year [2][6]. Summary by Sections Financial Performance - The company reported a total revenue of 15.839 billion yuan for 2024, with a gross profit margin of 44.8%, an increase of 1.8 percentage points year-on-year. The net profit margin increased by 2.9 percentage points to 21% [10][14]. - The company’s cash flow from operations grew by 47% year-on-year, with Q4 showing a 74.4% increase, indicating strong product demand [10]. Product Strategy - The company has developed a "Twin Star" product matrix with its two main products, Dongpeng Special Drink and Buliangla, generating revenues of 13.304 billion yuan and 1.495 billion yuan respectively, with year-on-year growth of 28.5% and 280.4% [10]. - The sales proportion of Dongpeng Special Drink increased from 30.9% to 34.9%, while Buliangla's sales proportion rose by 4.1 percentage points to 5.5% [10]. Market Expansion - The company is actively exploring overseas markets, particularly in Southeast Asia and the Middle East, where it aims to leverage its product strength and cost-effectiveness to achieve breakthroughs [10]. - By the end of 2024, the company had nearly 4 million distribution points and over 30,000 freezers, with more than 3,000 distributors, indicating a rich channel resource [10]. Future Outlook - The company forecasts EPS of 8.71 yuan, 11.20 yuan, and 13.93 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 26X, 20X, and 16X [10].